To estimate the Funds From Operations (FFO) to Net Debt ratio for REDEIA CORPORACION SA at the end of 2022, we first calculate the FFO and the Net Debt from the provided annual report facts.

**1. Funds From Operations (FFO)**
FFO is typically defined as the cash flow from operating activities before changes in working capital. This removes the volatility that working capital movements can have on operating cash flow, giving a more normalized view of cash-generation capacity.
* Cash Flows From Operating Activities (2022): 1,566,829,000 EUR
* Increase/Decrease In Working Capital (2022): 574,568,000 EUR

Since the working capital change was positive (acting as a cash inflow that increased total operating cash flow), we subtract it to find the FFO:
FFO = Cash Flows From Operating Activities - Changes in Working Capital
FFO = 1,566,829,000 EUR - 574,568,000 EUR = 992,261,000 EUR

*(Note: Alternatively, calculating FFO as Net Income + D&A yields a proxy of ~1,226M EUR, but CFO - Working Capital changes provides the true cash-based FFO standard utilized by credit rating agencies).*

**2. Net Debt**
Net Debt is calculated as total short-term and long-term borrowings minus highly liquid assets (cash, cash equivalents, and short-term financial investments).
* Long-term Borrowings: 5,491,124,000 EUR
* Current Borrowings And Current Portion Of Noncurrent Borrowings: 721,845,000 EUR
* Cash And Cash Equivalents: 794,824,000 EUR
* Other Current Financial Assets (Short-Term Investments / Amortised Cost): 752,505,000 EUR

Total Borrowings = 5,491,124,000 + 721,845,000 = 6,212,969,000 EUR
Total Liquidity = 794,824,000 + 752,505,000 = 1,547,329,000 EUR
Net Debt = Total Borrowings - Total Liquidity
Net Debt = 6,212,969,000 EUR - 1,547,329,000 EUR = 4,665,640,000 EUR

**3. FFO / Net Debt Ratio**
Ratio = FFO / Net Debt
Ratio = 992,261,000 EUR / 4,665,640,000 EUR ≈ 0.212674 (or 21.27%)

<answer>0.2127</answer>